obama and gop nominee mitt romney sharing drastic revision tax code. the tax foundation examines romney's plan and how it could affect the economy and of course your tax bill. here is the president scott hodge. scott, give us the headline. is it good or bad for the economy. >> it is very good, tracy. when we analyze the plan using sort of a dynamic model, woe find out when you cut individual tax rates across the board and especially cut the corporate rate by 10%age points from 35 to 25% it has very strong economic effect on growth over the long-term. that translates into higher incomes for all americans. so as a result even when you offset some of the spending cuts with base broadening eliminating loopholes everyone ends up better off in the long run with higher incomes and basically higher standards of living. tracy: it is an important point to make he is lowering the rates by 20%, not to 20%. that is gets lost in the press along the way. >> yes it does. tracy: top rate 35% will go down to 28%. a lot of people questioning how he will pay for this, rig